Our message is Chevron is bigger, stronger and better than ever. We're going to be growing free cash flow and earnings through the end of this decade and beyond. Free cash flow will grow at a 10% compound annual growth rate, underpinned by a strong portfolio. We've got a track record of growing shareholder distributions over the next five years. At a $70 oil price, we could return 45% of our market cap to shareholders through dividends and share repurchases.

Well, the current market is weighed down a little, primarily by the return of OPEC-plus barrels that have been held off the market. Prices as we move into 2026 are likely to reflect that additional supply but beyond 2026 things come back into balance. This guidance is out to 2030 and $70 is probably a bit of a conservative assumption for that period. If oil prices are lower, our break-even to cover capital spending and dividends is below $50, so we're well positioned for a low cycle even at $60. Our free cash flow will triple from 2024 to 2026 at a $60 oil price. Our portfolio strength and growth is resilient even in a low price environment.

We are growing production at a 2 to 3% compound annual growth rate; demand in the world is growing at about 1%. We also announced $1 billion in further cost cuts and increased synergies on the Hess transaction by 50% from $1 billion to $1.5 billion.